Chainlink (LINK) is currently trading at $12.04, reflecting a slight decrease of 0.96% over the last 24 hours. The price has exhibited a narrow daily range, with a high of $12.23 and a low of $12.01, indicating limited volatility in the current trading session.

The trading volume stands at approximately 189.8 million LINK, contributing to a volume-to-market cap ratio of 2.22%. This level of volume suggests moderate interest in the asset, but the relatively low volatility signals a lack of strong buying or selling pressure in the short term.

Technical indicators reveal a bearish sentiment, as the 1-hour RSI is at 31, suggesting the asset is nearing oversold conditions. The short-term moving averages (8, 13, and 21 SMA) are all declining, with the 55 SMA showing a more pronounced drop, indicating a potential downward trend in the near term.

From a medium-term perspective, the 7-day RSI at 45 and the recent price changes of -12.37% over the week and -8.77% over the past two weeks further confirm a bearish trend. The 30-day price change of -3.35% suggests a sustained downward momentum, which could be indicative of broader market trends impacting LINK.

Given the current technical indicators, including the bearish moving averages and RSI levels, the outlook for LINK remains negative. With the price trading significantly below its all-time high of $52.70, the potential for recovery appears limited unless there is a substantial shift in market sentiment.

In conclusion, based on the current technical analysis and market data, I recommend a Sell rating for Chainlink (LINK). The persistent downward pressure, low RSI values, and declining moving averages indicate that further price declines are likely in the short to medium term.